Established in 2018, WazirX swiftly emerged as India’s largest and most reliable cryptocurrency exchange. While cryptocurrency trading was already in existence before WazirX, the landscape underwent a significant shift in 2018 when the Reserve Bank of India (RBI) issued a directive to banks, instructing them to cease transactions with entities dealing in virtual currencies.
Despite the RBI’s stance, the scenario changed in March 2020 with a landmark Supreme Court judgment. This legal development opened the door for more cryptocurrency exchanges akin to WazirX to enter the Indian market. However, banks remain cautious about engaging in cryptocurrency transactions, citing a lack of regulatory clarity. Notably, recent reports highlighted ICICI Bank’s move to block net banking transactions for crypto trades.
As of now, there is no specific regulation preventing individuals from investing in cryptocurrencies, provided they adhere to tax obligations on their profits. While the possibility of WazirX facing operational challenges exists, investors express confidence in Binance’s potential intervention to safeguard their portfolios, allowing assets to be sold in the global market.
While a comprehensive ban on cryptocurrencies in India is not anticipated, expectations are high for regulatory measures to be implemented for the benefit of investors. The government aims to protect Indian citizens from potential financial losses associated with virtual currencies that lack backing from tangible assets.
In this evolving landscape, caution against scams is emphasized, with a recommendation to invest in robust cryptocurrencies to mitigate risks. As the government navigates the regulatory path, a balanced approach is expected to foster a secure and regulated environment for cryptocurrency trading in India.
Opening an Account with WazirX
1) Registration
Commence the process of opening a WazirX account by clicking on the “sign up” tab, initiating the free account setup.
2) Account Information
Provide your email address and establish a robust password to initiate the account creation process on WazirX.
3) Email Verification and Security Setup
Upon sign-up, WazirX will send an email to the provided address for verification. Simply click on the verification link to proceed. Subsequently, set up your account security, with WazirX offering two options: Google Authenticator App or Mobile SMS service. Opting for the authenticator app is recommended for enhanced security.
4) Country Selection and Account Type
In the final step, select your country and determine whether you wish to open an account with or without KYC. While account functionality is available without KYC, completing the process is advised for full access. For KYC completion, enter your full name, date of birth, and address as per the KYC document. Upload scanned copies of your KYC documents and a selfie. WazirX typically verifies the account within 24-48 hours.
It is advisable to undergo KYC to facilitate deposit, trading, and withdrawal capabilities. Due to increased demand, particularly following Bitcoin’s recent price surge, the verification process may experience delays. In such instances, users can reach out to WazirX through Telegram or Twitter for assistance.
Buying Bitcoin on WazirX in India
1) Purchase through “QuickBuy” on WazirX App
Acquiring Bitcoin with your WazirX account is straightforward, especially using the exclusive “QuickBuy” option on the WazirX app. Here’s how
– Open the WazirX app and choose Bitcoin or any other cryptocurrency you wish to purchase.
– Select the “QuickBuy” option located at the bottom left-hand side of the app.
– Enter the desired amount for Bitcoin purchase.
– Slide the round button to the right to execute the transaction.
– Upon completion, you will receive a confirmation message indicating the successful purchase.
2) Buying Bitcoin through Exchange on WazirX Website
For a more detailed buying process, log in to your WazirX account and navigate to the “Exchange” section under INR. This section functions as a spot market for all cryptocurrencies paired against INR. Follow these steps
– On the INR page, view the BTC/INR price charts, order book details, and locate the order entry form on the right-hand side.
– Fill in the buy order form with your preferences and click on “Buy BTC.”
– The order will be placed instantly, and you will receive the Bitcoins once the order is successfully traded.
– Depending on sellers, the order execution may take a few minutes, requiring patience.
– Upon completion, you will be assigned a 26 to 35 character Bitcoin address, serving as proof of ownership. It’s important to note that this address doesn’t represent a physical or electronic coin but rather signifies your Bitcoin ownership.
Various Methods to Add INR to WazirX
Minimum and Maximum Deposit
You have the flexibility to deposit a minimum of Rs. 100 into your WazirX account, with no upper limit on the amount you can deposit.
INR Deposit Options
WazirX’s wallet supports INR deposits through multiple channels, including IMPS, UPI, RTGS, and NEFT. To initiate a deposit, log in to your account, click on “Funds,” and select the “Rupee INR” option. You can both deposit and withdraw various cryptocurrencies on the platform.
Linking Bank Details
Upon selecting the “Rupee INR” option, click on “deposit,” and you will be prompted to link your bank details with your WazirX account. WazirX automates the verification process for your bank account details, ensuring seamless future transactions.
Adding Bank Account
To add your bank account, follow these steps
– Go to WazirX Account Settings.
– Open the “Payment Options” tab.
– Click on “Add/Remove Bank & UPI.”
– Enter your Bank Account Number, IFSC Code, Account Type, and save the details.
Instant Deposit Option
Upon saving your bank details, you’ll be prompted for “Instant deposit using IMPS/NEFT/RTGS,” and you’ll receive WazirX’s bank details. Safely transfer funds to the provided account number.
Deposit Processing Time
– If UPI is used, your INR funds will be credited to your WazirX account within a couple of hours.
– For deposits using IMPS, NEFT, or RTGS, the process may take a maximum of 72 working hours (3 days).
Deposit Fees
WazirX charges deposit fees as follows
– IMPS, NEFT, RTGS: Rs. 5.90 per transfer.
– UPI: Rs. 4 per transfer.
WazirX Fee Structure
1) Trading Fees
WazirX imposes two main types of fees – Trading fees and Deposit & Withdrawal fees.
Trading Fees – Spot Market
In the spot market, where cryptocurrencies are actively traded, both buyers and sellers incur a trading fee of 0.20% on cryptocurrency pairs. However, users can avail a 50% discount on trading fees by opting to use WRX tokens for fee payment. To enable this option, navigate to Settings -> Fee Settings -> Pay Trading fees with WRX.
Trading Fees – P2P Market
The P2P market on WazirX currently supports eight currencies paired against USD Tether (USDT), including Euro (EUR), Indian Rupee (INR), and others. For USDT/INR transactions, there are no buy and sell fees, making P2P transactions fee-free in this market.
2) Deposit & Withdrawal Fees
WazirX charges withdrawal fees for moving cryptocurrencies or funds. These fees vary by currency and are subject to minimum and maximum amounts. Notably, WazirX has not listed any deposit fees on its website, providing only the minimum deposit amount for each cryptocurrency.
For example, if you wish to withdraw Bitcoin (BTC), the withdrawal fee is 0.0006 BTC, with a minimum withdrawal amount of 0.0012 BTC and a maximum withdrawal amount of 3 BTC. Minimum deposit amounts are specified for each cryptocurrency.
Similarly, withdrawal fees for Tether USD are 5.57 USDT, and for WazirX’s native token WRX, the withdrawal fee is 1 WRX.
3) Order Cancellation Charges
WazirX follows a fee structure where the trading fee is deducted after the trade execution, and there are no upfront order cancellation charges mentioned on the WazirX website.
WazirX Investment Parameters
1) Minimum & Maximum Deposit
WazirX facilitates a minimum deposit of Rs. 100 into your account, with no specified upper limit on the deposit amount. This flexibility allows users to invest as per their financial preferences.
Investment in Cryptocurrencies
With the minimum deposit amount, users have the option to invest in cryptocurrencies that are priced below Rs. 100. For instance, TRON is presently valued at Rs. 5.72.
2) WazirX Crypto Coins (WRX Tokens)
WazirX introduced WRX tokens to foster a crypto community and reward early subscribers. The total supply of WRX coins is capped at 1 billion, with approximately 381,856,872 WRX coins in circulation. As of February 17, 2023, the WRX coin’s current price is around Rs. 16.40. Users can utilize WRX coins to pay trading fees, and presently, WazirX offers a 50% trading fee discount when using WRX coins. This discount will gradually decrease and be eliminated after the fourth year.
3) WazirX & Binance Partnership
In 2019, Binance, the largest cryptocurrency exchange globally, acquired WazirX, creating a global market for WazirX investors. This strategic partnership enables users to utilize the Binance platform to buy/sell numerous cryptocurrencies and build a diversified crypto assets portfolio using Indian Rupees. Funds can be transferred from WazirX to Binance for investing in global cryptos.
WazirX Features
Accessibility Across Platforms: WazirX’s trading platform is available on Web, Android, iOS, Windows, and Mac devices. Users can download the app from Google Play Store or Apple Stores or directly log in through the website.
Cryptocurrency Range: WazirX offers trading in over 100+ cryptocurrencies paired with USDT, Bitcoin (BTC) pairs, WRX coin pairs, and INR pairs. The Crypto/INR pair allows direct purchase of more than 50 cryptocurrencies with INR without the need for conversion.
Speed Transaction: While WazirX can handle millions of transactions smoothly, occasional platform unresponsiveness during peak trading hours may occur. Users can wait or check the Twitter handle for real-time updates on ongoing issues.
Access to Advanced Trading Tools: Developed by a team of experienced traders and blockchain professionals, WazirX integrates features and charting tools from TradingView. Users can analyze prices and historical data using powerful graphs and indicators from mobile apps, providing a seamless and fast trading experience aligned with global standards.
How to Purchase Different Currencies Through WazirX
Using Spot Exchange
You have two options when buying cryptocurrencies through WazirX’s Spot exchange:
1) Currency Paired with INR
– Access the Spot exchange market on your WazirX account.
– Explore the list of over 100 available cryptocurrencies.
– Check for cryptocurrencies paired directly with INR.
– If, for example, you want to buy Ethereum, which has an INR pair, you can place a direct buy order using the provided form.
2) Currency without INR Pair
– For cryptocurrencies without an INR pair, check for available currency pairs.
– Most cryptocurrencies have a USDT pair.
– First, purchase USDT and, once credited to your account, use it to buy the desired currency.
– For instance, to buy Aion Coin (AION) without an INR pair but with a USDT pair, acquire USDT first and then use it to purchase Aion Coin.
Using P2P Market
WazirX’s P2P (peer-to-peer) market, an auto-order matching engine, facilitates the buying and selling of USDT (Tether) using INR. Follow these steps:
1) P2P Order Matching
– WazirX acts as an escrow to ensure transaction safety.
– Transfer funds to the seller’s bank account registered with WazirX after your buy order is matched.
– The P2P market operates 24×7, allowing users to buy any amount of USDT and pay in INR directly to the seller, bypassing WazirX.
2) Prerequisites for P2P Transactions
– Be an existing WazirX user with an active account eligible for deposit and withdrawal.
– Complete KYC verification.
– Verify your bank details.
Utilizing either the Spot exchange or P2P market provides flexibility in acquiring a variety of cryptocurrencies through WazirX’s secure and user-friendly platform.
Buying USDT through WazirX P2P: A Step-by-Step Guide
When engaging in P2P transactions on WazirX, it’s essential to follow a systematic approach to ensure a smooth and secure process.
1) Seller Payment Process
– Upon order matching, you are required to pay the seller directly.
– Ensure your IMPS-linked bank account registered with WazirX is ready before initiating the buy transaction.
– A 60-minute window is provided to make the payment, with an additional 30 minutes to confirm the transaction.
2) Using the P2P Market
– Log in to your WazirX account and navigate to the P2P marketplace.
– Place a USDT buy order using the provided order form.
– Wait for the order to be matched.
3) Initiating Money Payment
– After the order is matched, a detailed order completion message will be received.
– Initiate the payment by depositing the specified amount directly into the seller’s account using the provided IMPS details on your screen.
– Select the seller’s account number and IFSC code for IMPS payment, ensuring the exact amount is transferred without rounding off.
4) Confirming Payment
– Confirm the payment to both the seller and WazirX by clicking the “I have paid” green button.
– Once the seller verifies the receipt of payment in their bank account, WazirX will transfer the escrowed USDT into your account.
5) Escrow System and Disputes
– WazirX operates with an escrow system to prevent fraudulent activities.
– Neither party can cheat, ensuring the security of the transaction.
– In case of a dispute, the order may move into dispute status, requiring prompt action.
– WazirX’s dispute team will request payment proof via email, and a decision will be finalized within 15 minutes.
6) Important Considerations
– Payment must be made within the initial 60 minutes, with an additional 30 minutes for confirmation.
– Only use IMPS related to the bank account registered with WazirX.
– After receiving USDT, they can be utilized to purchase any other cryptocurrency.
This systematic process, combined with WazirX’s escrow system and KYC verification, ensures a secure and reliable P2P trading experience for users.
Navigating WazirX for Trading: A Quick Guide
To initiate trades on WazirX, start by visiting the exchange and selecting your preferred base currency. WazirX offers four base currencies categorized as USDT, BTC, WRX, and INR.
Once you’ve chosen your desired currency for buying or selling, proceed by entering the order form directly on the platform.
For instance, envision purchasing 1 Dogecoin at Rs. 54.4005 with the anticipation of selling it later at Rs. 56, thereby securing a profit of Rs. 2 per coin.
Cryptocurrency trading operates 24/7, providing continuous market access. However, it’s crucial to note that the crypto market may not be as liquid as traditional stock markets.
Due to market dynamics, your buy or sell order might experience a delay in execution. Throughout this period, your order status will be displayed as an “open order.”
Open orders linger until a suitable match is found in terms of both price and quantity within the exchange books for the specific cryptocurrency. Once these criteria are met, your open order will be executed.
To enhance the likelihood of swift execution, consider placing buy/sell orders in proximity to the last traded prices, optimizing your trading experience on the platform.
Monitoring Profit and Loss on WazirX: A Step-by-Step Guide
To assess your profits and losses on WazirX, navigate to the “Download Trading Report” feature located within the Account settings. Here, you can specify the desired time frame for which you wish to evaluate your profits.
Initiate a trading report request on WazirX to gain insights into your profit status. This straightforward process allows users to conveniently track their financial performance on the platform.
Final thoughts
WazirX, a reliable and efficient cryptocurrency exchange, provides a secure and swift platform accessible on smartphones, Windows, and Mac devices.
With features like P2P and spot exchange, WazirX facilitates access to a diverse range of over 100 global cryptocurrencies. It serves as an excellent tool for those looking to expand and diversify their investment portfolios.
For cryptocurrency enthusiasts in India, opening an account on WazirX is highly recommended. It offers a user-friendly experience and is certainly worth exploring.
